Full Retirement Age

Full Retirement Age

The age at which one becomes eligible for a full government or private pension. Full retirement age varies according to the rules of the particular pension. It may be a stated age or it may depend on how many years one has worked. Normally, however, full retirement age is between 55 and 65.

If the individual is age fifty or older, the estimates will include the retirement insurance benefits he could receive at age sixty-two (or his current age if he is already over age sixty-two), at full retirement age (currently age sixty-six to sixty-seven, depending on year of birth) or at the individual's current age if he is already over full retirement age, and at age seventy.

Detailed tax return data for 1999 to 2011 suggest that most of those who claimed Social Security before the full retirement age had sufficient liquid assets to delay Social Security benefits until full retirement age.

Clients are often asked to bring any recent Social Security statements showing estimated benefits at full retirement age and early retirement age, and to inquire about possible benefits available from former spouses that could be integrated into maximization plans.

For example, lifetime benefits for a couple may be maximized if a client at full retirement age (FRA) files first for his or her spousal benefit and at age 70 switches to his or her own worker benefit.

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